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Journal

News/Business. Breaking news from around the world. (CC) (Stereo)

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PBS

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Norway 8, Us 6, U.s. 5, Moody 's 3, Goran Hadzic 3, Ireland 3, China 3, Uruguay 3, United Nations 2, Germany 2, Anders Behring Breivik 2, Oslo 2, Euros 2, Breivik 2, Somalia 2, Serbia 2, Dusseldorf 2, Europe 2, Portugal 2, Frankfurt 2,
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  PBS    Journal    News/Business. Breaking news  
   from around the world. (CC) (Stereo)  

    July 25, 2011
    6:00 - 6:30pm PDT  

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>> you are watching "the journal the the." >> here are the headlines this hour. he says he did it, but pleads not guilty. mourners gathered in oslo. and the united nations say more needs to be done to fight hunger in the horn of africa. the world barely got a glimpse of the man who says he committed the worst massacre norway has seen in more than 60 years.
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anders behring breivik appeared in an oslo court on monday, but the judge said no to cameras. behind closed doors, breivik admitted to the bombing and the killing of scores of people. he will spend the next four weeks in solitary confinement. >> anders behring breivik was photographed leaving the courthouse. he did not look distraught, even after acknowledging he was responsible for the oslo bombing and massacre. it is one of the few photos of norway's most infamous man. reporters waited for hours. the hearing was held behind closed doors. afterwards, the judge disclosed what breivik had said at the hearing. >> while the accused has acknowledged the circumstances, he has not pleaded guilty. the accused believes he needed to carry out these acts in order to save norway and western
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europe from, and i quote, cultural marxism and an islamic takeover. >> police are searching the form that breivik rented and are investigating whether he had accomplished this -- accomplices. earlier, he said he had acted alone. the police say they cannot rule out that others were involved in the attacks on friday. breivik is due to undergo a psychiatric assessment. he has been remanded to custody for eight weeks, with the first four in solitary confinement. >> norwegian police have lowered the overall death toll from 93 to 76. they say the mistakes caused by confusion surrounding events on the island. that will do little to consult a nation in grief. in a show of solidarity for
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those killed, more than 100,000 people flooded the streets of the norwegian capital. similar rallies are being held across the country. on monday, norwegians also observed a minute of silence for the victims. >> joining us live from oslo is our reporter. good evening. >> good evening. >> it appears that all of norway is united in this tragedy right now. >> it is a tremendous outpouring of people standing beside each other, comforting each other, and taking a stand against what was done on friday. he posted his manifesto on line. >> the foreign minister of norway today and said he wants norwegian society to remain free and liberal. but he also said there would be
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a pre-attack norway and a post- attack norway. how do you interpret that? >> something to remind us that we can never be naive. we can never believe that further things will not happen in our part of the world. that image has been shattered by what has happened. people are still in the united and are taking a stand. we are talking to each other. there is a very close of atmosphere in the country. there are two sides to this. he said today he has not been working alone. what do you know about that? >> what we know is what the
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judge and the police have said. there will be a press conference later this afternoon. the police do not really believe there are two cells. >> 21 years is the maximum sentence breivik could get by this. much of the world is shocked by this, given the severity of the crime. >> it is true 21 years is the maximum for any crime in norway. but it is also true that if your sanity or stable less -- if it is thought you would be a menace to society, that can be extended. that could happen in this case.
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it depends on what the prosecution rules when the case is decided. >> thank you very much. the united nations has called for massive action to save millions of people threatened with starvation in the horn of africa. at talks in rome, delegates agreed to begin airlifting more food, starting on tuesday. called million people are starving in somalia, ethiopia, and kenya. tens of thousands are already dead. >> she is starving. unless she gets help very soon, she will die. she is also going to die because of a lack of vitamin a. the famine in east africa is hitting babies and children the hardest. more than 2 million are already suffering from severe malnutrition. at the emergency meeting in rome, aid organizations issued an appeal for concerted action.
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delay means more unnecessary deaths. >> we have to save lives and protect people's means of subsistence. we must respond now to present the -- prevent the state of emergency from getting worse. the combined effects of drought, inflation, and conflicts have created a disastrous situation that demands a massive and urgent international aid effort. >> aid organizations say the 700 million euros funding gap needs to be filled in the coming months to avert a major disaster. long term, farmers need support to develop sustainable practices. the world bank has pledged to help victims of the drought. will be a breach the people in need? the al shabab islamist militia
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blocked aid from many of the areas of somalia it controls. >> violence in egypt, at this time after a cairo court again postponed the trial of the former in egyptian interior minister. the judge said he will now appear on august 3, to stand trial with ousted president hosni mubarak. the news infuriated demonstrators, who vented their anger at the armored vehicle carrying the men back to prison. the former minister is being charged for his role in killing protesters during the arab spring. he has already been sentenced to 12 years for corruption. the made at a new york hotel who has accused former imf bossed dominique strauss-kahn of trying to rape her has given her first interview. she told "newsweek" that she had been telling the truth when she said he forced her to perform oral sex.
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for his part, dominique strauss- kahn has denied the charges. his lawyers say the woman is trying to exert pressure on prosecutors. her credibility was called into question when they revealed she had told authorities several lies. monica is here to talk about gr >> the eurozone debt crisis is not going to go away anytime soon. now credit-rating agency moody's has downgraded greece's credit standing again. it says greece will almost certainly default. the people of greece have been granted a breather by the bailout -- bailout plan approved last week. moody's also says it is virtually certain the country will experience a selective default once private banks and other investors begin to roll over their greek bonds for lower interest rates and longer maturity.
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. the bank of ireland has avoided naturalization. private investors have agreed to buy over a billion shares in the bank of ireland to keep the largest lender out of majority state ownership. dublin currently owns 36% of the bank, but has been talking to investors about reducing its stake from 16% to 32%. they said this was tangible proof of growing confidence in the future prospects of the bank of ireland and the irish economy. global shares slipped on monday after moody's downgraded great that again, and also amidst a growing concern of a u.s. default. this report is from today's trading in frankfurt. >> at the stock market, the attention shifted from one debt crisis to another. this put pressure on the markets
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before recovering again. gold is viewed as a safe haven and the price is at record levels. shares from the financial sector are suffering most, also because of the downgrade of greek banks. moody's see significant risk in greece. >> let us look at the market numbers. in frankfurt, the benchmark dax closed 1/4 of a percent higher. the eurostoxx 50 closed 1% lower. the dow jones industrials are at 12,539. it seems the success of apple products like the iphone and mac have proven too tempting for carter tatars. chinese authorities have closed
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two stores purporting to be official applet -- apple outlets. the apple brand in stores is apparently so convincing that some of the staff thought they were working for the company. >> in this southwestern city alone, chinese authorities found five branded apple's stores to be operating without authorization from the company. city officials ordered two of the stores closed because they did not have business licenses. chinese authorities said all of the shops were selling genuine apple products. even so, experts fear the apple brand could be damaged. >> it can hurt, especially if people cannot tell the difference between the real thing and the copy. when people have a bad experience, they might blame the brand. >> apple has just four official stores across all of china, and none in this city. china is the fastest-growing market for the iphone.
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one analyst expects sales in china could triple in 2012. >> the trial of the last major war crimes suspect in the balkan conflict has opened in the hague. goran hadzic let serbian forces during the war in croatia in the 1990's. he has been charged with 14 counts of war crimes and crimes against humanity. the european union has insisted that serbia and arrest all wanted war crimes suspects before the country is granted candidate status for membership. >> goran hadzic's appearance is the end of the 18 year hunt for those involved in war crimes in the balkan conflict. he is the last of 161 suspect to go on trial. >> it sends a strong signal to the world that international
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criminal justice is achievable. his arrest confirms the extraordinary success story that is the icty. the era of impunity is over. >> goran hadzic declined to enter a plea before the tribunal. the former warehouse worker became leader of the self- proclaimed republic of serbia krajina during the 1990's. he faces charges of murdering hundreds of croats and expelling tens of thousands more. this includes the killing 267 hospital patients in vukovar. he went into hiding to avoid being prosecuted. u.n. investigators found him, proving he was being protected by serbian security forces. he was transferred from belgrade to the hague on friday. >> in turkey, the man accused of gunning down journalist hrant dink was sentenced to prison.
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he was shot and killed outside his august -- his office in 2007. he was the editor in chief of a turkish-american newspaper. he received death threats for describing the killings of armenians in the turkish empire as genocide. [unintelligible] after trashing paraguay in sunday's final. poor guy were clearly outclassed in buenos aires. it is uruguay's victory. they now face their archrivals, argentina. >> a dazzling performance by uruguay. a devastating left-footed shot by the striker put them ahead in the 12th minute. just before halftime, a star player found the net for the
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first time in a tournament to make it 2-0. paraguay reached the final with five draws and two penalty shootout wins. they created their first chance after halftime with nelson velez. in the last minute, the second goal with a counterattack, to clinch the 3-0 victory. >> this is a historic result. it made us proud. but we should not let ourselves be carried away. otherwise we will quickly lose that respect. >> europe why has now won the -- uruguay has now won for the 15th time, sparking celebrations in the capital. that secures a spot for the cup in 2013 in brazil. >> stay with us. >> looking at deaths on both sides of the atlantic.
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>> canada u.s. avoid default on its debt? >> there is so much confusion going on. there is discussion about what it means for the bond markets if the debt ceiling is not increased in time. the clear answer is nobody knows
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because it has never happened that the debt ceiling has not been increased in time since richard nixon was elected prison in 1969. the u.s. has increased the debt ceiling 53 times. this would be the first time it would not be achieved in time. what the effect is, nobody knows for certain. i think the effect shows not so much in the losses we see in the monday session but in the trading. traders are very cautious, and nobody is ready to place any bets in this environment. >> the debt crisis in the eurozone is still a major topic of discussion. the efforts to help greece do not appear to be calming markets. >> what is really likely, at least in the short term, is there will likely be some kind of a default in greece. that is why u.s. rating agency moody's cut grease that again by three notches -- greek debt
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again by three notches. you would guess the dollar would be under pressure, but it is gaining in comparison to the euro. it shows how confusing all the debt issues are on the other side of the atlantic. >> what can we expect in the coming days? >> basically, the debt issues will remain in front of investors' minds. on top of it, we will get dozens of earnings reports. we will get earnings reports from some industrial heavyweights and will see if earnings season continues to be as good as we have seen it in the past couple of days. blue chips have been up last week by almost 1.5%, due to rather strong earnings from companies like apple and ibm. we will see if those bread and butter companies coming out with their numbers this week can repeat what we have seen in the
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past couple of days. >> thank you very much. the role of the ratings agencies is one of the most contentious factors in the eurozone debt crisis. many politicians feel the u.s.- based agencies have too much power. and there are numerous instances when they have failed to warn of impending crises. even so, global investors have long depended on them for by the information. >> ratings agencies were for started in the united states 150 years ago. railroad companies needed huge investments in order to expand. men such as mr. poor and mr. moody began analyzing data for investors. mr. fitch also got into the business earlier. together, the firm's fate founded are known as the big three, and command a 93% share of the market. they look at the books of
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businesses and countries and judge how able they are to pay back financial observations. in a complex internet -- international economy, this information is vital to investors. when the bretton woods system of monetary management fell apart in the 1970's, the role of ratings agencies became even more important. the u.s. government gave them the task of assuring financial reliability. the european union has also require banks to increase capital in line with risk exposure. that risk is measured by the ratings agencies. >> the influence of ratings agencies lies on the one hand in the way their evaluation system has been incorporated into legislation. on the other hand, many business contracts are tied to the marks of the ratings agencies. that means certain private investors will only invest if
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there is a certain rating. >> one such example is the insurance giant allianz, which relies on ratings agencies to invest huge amounts of capital. but that system historically failed on a massive scale and when the agencies gave some prime mortgage bundles high ratings, triggering the financial crisis in 2008. not only companies but countries such as portugal paper ratings agencies for their assessments. potential conflict of interest is another weakness in the current system. but few would argue portugal's downgrading to junk status is any sign of favoritism. >> traditionally, dusseldorf has been germany's fashion capital. but in recent years it has lost some of its fire. that could be changing. there is a fashion trade fair that ends today. we stopped by before they closed the door. >> those who come to the women's
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wear trade fair are mainly buyers. cpd dusseldorf has been outdone by berlin's fashion week. for a while, visitor numbers dropped year by year. but it still offers a tantalizing glimpse of the fashions to come. >> basically, fashion is going through an upheaval. during the economic crisis, people were comforted by more traditional styles. that is changing now and fashion is reinventing itself, trying to be more revolutionary. there are playful floral and tropical designs. you can see bananas, palm trees, giant orchids. it is fabulous. >> and organizers say they have managed to shake off the slightly faded image of the cpd but attracting hot young designers. visitor numbers have stabilized. a bit of glamour never did any
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harm, especially not at the fashion fair in duesseldorf. >> the trade fair is certainly one of the most important for germany's fashion industry. it is where department store buyers select the next season's collections. apparently, they are ordering just what the customers want. >> 59 billion euros. that is how much people in germany spend on clothing last year, a 3% rise since 2009. large retailers in prime city locations posted the biggest sales gains. germans not only bought more clothing, but spend more on each item. on average, women spend around 850 euros on clothing last year. men around half that amount. >> that is all from the business desk at this hour. do stay with us.
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